If someone is thinking to shift to a new place, then he should always be aware of the current economic situation of that place. The financial condition changes every year likewise cost of living in those areas also changes. Starting from the price of groceries to transportation cost, each and everything determines the economic condition of a city.
According to Economist Intelligence Unit Singapore is considered as the top contender for the most expensive place to live in 2018 while Los Angeles is at the bottom of this list. This list has been made by considering the price of groceries, transportation cost, etc. and in all these methodical calculation New York was considered as the base city. During the survey, a detailed cost of living of 133 cities around the world was studied and compared resulting out the following top 10 list with WCOL index. Here are the Top 10 most expensive places to live in the world:
List of the world’s top 10 most expensive places to live in 2018
10. Los Angeles (WCOL Index – 99) (Net Expense per month: $915.91 )
Los Angeles is an exciting addition to this list and it holds the last spot in the most expensive places to live although the cost of life in Los Angeles is same as Copenhagen and Seoul. From previous calculation, Los Angeles has toppled 19 other cities to reach this spot. The main reason for its expensive living cost is due to the currency factors that are driving the whole economic condition of the city.
9. Seoul (WCOL Index – 99) (Net Expense per month: $972.98)
Seoul, which is the capital of South Korean, shares the same cost of living in Los Angeles and Copenhagen. According to EIU and another report, the main reason that Seoul has joined this list is due the uprising clothing and utility cost which in turn increasing the overall cost of living. Five years Seoul was from the top 10 list but after five years, it has surpassed 36 cities to reach this spot.
8. Copenhagen (WCOL Index – 99) (Net Expense per month: $763.67- $1527.34)
Denmark’s capital Copenhagen is a major contender for top 10 spots and it one city that has always stayed in the list of expensive cities in the world. This European city does not fall in the Eurozone, but it is much more expensive than its European neighboring cities. Along with London, Geneva, Zurich, Copenhagen is one of the most European cities but the price of groceries and tobacco is much cheaper than other cities in the top 10 list.
7. New York (WCOL Index – 100) (Net Expense per month: $1166.11- $2322.22)
Before the financial crisis, New York which is an important city of US always stayed in the top position but after five years it has outplayed 42 cities to reach the 7th place in the expensive city list of 2016. The main reason for its position is not only because of the rising cost of living, but the currency factor has outplayed everything. The power of dollars in the world has made them expensive, and it will continue until the major crash.
6. London (WCOL Index – 101) (Net Expense per month: $1012- $2022)
As London has reached the sixth position of the most expensive cities list, and this has happened after a decade. According to reports, the cigarette cost in London is highest when compared with other nine expensive cities and a buyer has to spend approx. $14.30 for 20 sticks. London does not fall in the euro zone although its property cost is rising at a good pace earnings expansion is inert.
5. Paris (WCOL Index – 107) (Net Expense per month: $1869.84- $2338)
Paris is the French capital, and also one of the most beautiful places you can stay is in the 5th spot of expensive cities list. When compared with its last year’s ranking, Paris has gone down three places, and that was because of the instability of Euro currency. Paris is the only European city where liquor and tobacco are cheaper than other expensive cities, and the average price of wine in a bar is down by $1.56.
4. Geneva (WCOL Index – 108) (Net Expense per month: $2385.55 )
Geneva is an important European city and also the second most expensive city after Zurich in Europe. In fact, Switzerland is the only European country having two expensive cities in the top five, and it is not affected the stern expenditure measure that is practiced by other European countries. According to EIU report, almost everything in Geneva is costly and recreational, or entertainment activities also fall on this list.
3. Hong Kong (WCOL Index – 114) (Net Expense per month: $3500 Approx.)
Hong Kong an important name in the Asia is one of the most expensive cities in the world to live in, and it has climbed seven places when compared to the last year position. Main reason behind this positioning is its uprising housing and living cost. The grocery price in Hong Kong is much higher than its Asian neighbors, and 1 kilo of the loaf will cost $4.36.
2. Zurich (WCOL Index – 114) (Net Expense per month: $1522.60- $4566)
Zurich being the primary as well as the largest city in Switzerland has sealed the second spot in the most expensive list. It is a most expensive city in Switzerland as well as in Europe, and this situation has arrived due to increasing price levels and high-income rates. Apart from all of these, it has a huge amount of bank and financial hubs along with Swiss stock exchange which also plays major in deciding the economic condition of Zurich.
1. Singapore (Net Expense per month: $393 with government subsidies- $6292):
Singapore is the most expensive places to live in 2018 according to EIU listing, and it has been holding its top spot for three successive years. According to reports, Singapore is the costliest city in the world to own and drive a car. Singapore is largely dependent on its neighbors for water and energy, which is another reason for the expensive tag. Gradually the difference between the second and top spot is also closing up due to a surge in the cost of living.
In upcoming years, the position of the current expensive cities may change as most of the factors are dependent on currency. Some reports also suggest that next year the top five spot might remain except some shuffles.